Following this decision, the company aims to expand its operations and services across Asia-Pacific, by opening offices in Australia and Singapore.
Companies and financial institutions from Australia have the possibility to adopt modern technologies designed to defend their businesses as well as their customers and clients against online threats such as fraud. BioCatch’s technology-first approach focuses on the digital transformation of the industry in the region’s financial landscape while keeping in mind the needs and demands of its users.
BioCatch’s fraud prevention and protection platform was built on behavioural biometrics intelligence, a technology that was designed to leverage machine learning in order to analyse an online user’s physical and cognitive digital behaviour, intending to protect individuals in the online space. This allows the platform to detect financial fraud by identifying abnormalities present in the data caused by changes to normal human behaviour, which are strong indicators of overall fraud.
This expansion will allow BioCatch to deliver seamless, actionable insights and analytics to improve the digital world of its Asia-Pacific clients, focusing on security and efficiency.
In October of 2022, the company launched its Phishing Site Detection with Phishing Victim Reports to recognise attacks directed at FIs.
The launch was aimed to address the phishing problem and to announce their new solutions and services during the cybersecurity awareness month. Cybersecurity awareness month started in 2004 as an initiative led by the CISA and the NCA, which lead to a collaborative effort between government and industry to raise awareness of cybersecurity around the world.
Earlier in the same month, BioCatch partnered with Indue, an end-to-end payment solution provider in Australia and New Zeeland, in order to help protect Indue’s customers from fraud.
To detect fraud and identity theft and threads, BioCatch analised the customer’s physical and cognitive digital behaviour, while distinguishing between genuine users and fraudsters. Simultaneously, the company improved customer experience as its category-defining behavioural biometric technology is used to give protection against online banking fraud among other categories of criminal activities. These include social engineering voice scams, intended at financial institutions and their customers, as well as their assets. Indue’s network of users had the means to offer their customers a digital experience that was focused on empowering safety and trust between organisations and their client base.
Customer behaviour can be monitored throughout the account lifecycle provided by BioCatch’s services, from the origination and continuously throughout each online session. This identifies risk through means of analysing actions ranging from mouse movements and typing cadences, to interaction with the screen, and more. BioCatch focused on identifying and alerting the bank of genuine or criminal behaviour, as it leveraged AI to deliver a risk score.
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